There are a variety of new platforms available for freelancers finding work in 2024. Back in 2023, I came across LaborX on Twitter as I was searching for new tools that I could use to secure part-time gigs as I built Continuum.
If you’re interested to freelance on LaborX in 2024, I did some research into the platform and created a short guide for freelancers new to LaborX.
Oh ya, LaborX isn’t new per se…let’s explore LaborX.
What is LaborX?
LaborX is an online platform that uses blockchain technology to connect freelancers with businesses seeking freelance services. The platform aims to provide a safe and quick way to receive payments using cryptocurrency, and to offer strong protection through smart contracts, regardless of an user’s location.
According to a LaborX article, they had *95,252 users at the end of 2022, and although many of them are not familiar with cryptocurrencies, there are a considerable amount of crypto-related opportunities available.
LaborX was created by an Australian company, Chrono.tech in 2017. Chrono.tech was founded in 2016 following a successful crowd sale of TIME. They have a vision to transform the way freelancers access jobs and connect with different businesses.
You can find out more about Chrono.tech here.
LaborX claims that the majority of popular freelancing platforms charge freelancers up to 20% in commission, whereas LaborX charges as low as 10% for freelancers and no commission for businesses. Freelancers who sign up for their premium account will also enjoy fee-free usage of LaborX, along with other significant benefits in cryptocurrency, which are not specified.
LaborX also features a “Reputation” module, which serves to protect users and offers a feedback system to aid in the selection of the best freelancers and clients in the crypto industry. I will discuss this feature in greater detail later in the article.
Furthermore, with LaborX, freelancers can accept a wide range of crypto payments. LaborX supports several popular cryptocurrencies and tokens across various blockchains, including Ethereum, Binance Smart Chain, TRON, and Polygon.
LaborX Vision And Mission
The primary goal of LaborX is to increase accessibility to the gig economy, utilizing crypto payments and smart contracts to facilitate access to a global employment market within the Web3 & blockchain industry. Through this, they aim to promote cryptocurrency adoption.
What are the different kind of jobs or gigs available on LaborX?
I came across an article that mentioned how various businesses were offering opportunities to freelancers in a range of fields including blockchain & cryptocurrency, gaming, web development, mobile development, software development, design, creative work, NFTs, JavaScript, administrative support, sales, marketing, IT & Networking, customer service, translation, and writing.
These businesses on LaborX were specifically seeking freelancers with expertise in Ethereum, blockchain, Dapps development, Solidity, smart contract development, crypto wallets, Web3.js, frontend development, logo creation, brand identity, and React.
Let’s now delve into the various features that are available on LaborX.
LaborX Features
LaborX Contract
The contract module on LaborX is an innovative feature that allows freelancers to sign digital escrow contracts using smart contracts. The platform also offers a range of other exciting features that make it easier for businesses and freelancers to manage their projects effectively.
Jobs can be split into smaller tasks, enabling easy tracking of progress, fair payment distribution, and efficient project management. Once a task is complete, clients can choose to accept it, request modifications according to the smart contract created, or reject it. LaborX provides businesses flexible payment options, including the ability to pay after each task, at the end of the project, or upfront. Both parties can also cancel the contract or mark it as complete anytime with mutual agreement.
Additionally, LaborX has a built-in contract dispute resolution system that provides mediation and a fair decision when disagreements arise. The system uses blockchain technology to record the contract data, ensuring accuracy and transparency.
The Contract module also includes other features such as time tracking, activity logging, and the ability to create contracts with non-registered LaborX users. These features provide a personalized touch to the platform and enhance user experience.
LaborX Marketplace
The aim of laborX marketplace is to create a platform where businesses and freelancers can connect, post, and apply for jobs.
The goal is to establish an open and competitive market for work, allowing both parties to communicate and negotiate terms for a specific project or set of tasks. LaborX aims to facilitate the interaction and collaboration between businesses and freelancers to ensure successful and satisfactory project completion.
LaborX Reputation
The reputation feature is a vital component of LaborX’s ecosystem, which benefits both businesses and freelancers by enabling them to choose the most suitable candidates and companies to work with.
To measure reputation, LaborX employs a sophisticated algorithm that takes into account multiple variables.
As a new freelancer on the platform, I provided information about my previous work experience, education, personal website, skills, and social media channels, which are assigned different weights based on their significance and relevance.
According to the platform, the ultimate objective of LaborX’s reputation feature is to offer fair and precise evaluations of freelancers’ abilities and businesses’ past performance, allowing us to make informed choices during the selection process.
Accepting crypto payments as a LaborX freelancer
Whenever I work for an organization that offers payment solely in cryptocurrency, I always request to receive payments in various stablecoins or MATIC.
LaborX is a non-custodial platform that gives freelancers complete control over their funds. By using LaborX, freelancers can receive payments in a variety of cryptocurrencies, including ETH, WBTC, TIME, stablecoins like USDC, USDT, DAI, and AUDT on Ethereum; and BNB, BTCB, TIME, stablecoins such as BUSD, USDT, USDC, and DAI on BNB Chain. It also seems like they allow payments on Polygon.
I have connected my wallet with LaborX, and I may update this article with my experience once I receive payment through the platform.
Having a LaborX Premium Account
Their premium membership is divided into five tiers. I have taken a screenshot and you can view the different tiers below.
Users of LaborX have the opportunity to unlock various membership levels, each offering additional benefits. To access these levels, users can stake TIME tokens in the TimeWarp smart contract. Although I don’t fully understand how it work, I might consider staking any TIME tokens I earn to become a member in the future once I better understand the model.
If a freelancer is not a Premium member, they will be charged a 10% platform fee for each job or gig they complete on LaborX. The platform then uses these fees to purchase TIME tokens on the open market.
Based on their Premium membership level, freelancers can receive a rebate of up to 50% of this fee in TIME tokens. By receiving this rebate, freelancers can potentially lower their fees to just 5%, while also earning regular payments in a token that is in high demand. It’s similar to a ‘crypto jobs pension’, where freelancers can benefit from their TIME tokens over time.
LaborX’s Wallet dashboard
On LaborX, freelancers have access the page shown below where they can easily view their wallet balance. This feature allows freelancers to check their balance across different blockchains supported by LaborX, and to connect multiple wallets for convenience.
Additionally, this page also allows freelancers to track their bonuses in TIME, which they can earn by staking TIME tokens or by completing jobs on the platform. By providing a simple and accessible way to monitor their earnings, LaborX helps freelancers manage their finances and stay on top of their income.
As I delved deeper into LaborX, I discovered numerous features that stood out to me. As I use the platform more, I will update this article to share my experience with you.
How to start freelancing using LaborX?
Visit LaborX website
To start using LaborX as a freelancer, use the web browser of your choice and search LaborX.
Sign up for a talent account
Go to the top right-hand corner of the page, you can click on ‘Sign Up’, and a pop-up will show up.
Follow the prompts accordingly
When signing up for a LaborX account, I opted for the Google account option, but there are other sign-up options available such as using a Metamask wallet or manually entering your email and creating a password.
As part of the onboarding process, LaborX will request your first and last name, and then proceed to verify your email address.
Furnish your profile
Look for the ‘My profile’ button and complete your profile. You can also follow LaborX prompts to improve your profile.
Start finding jobs
You can navigate over to ‘Browse Freelance Jobs’ or ‘Browse Full-time Jobs’ to start finding freelance opportunities.
Conclusion
I am still relatively new to LaborX/Chrono.tech ecosystem. I have not gotten hired through the platform nor have I hired anyone for Continuum. I am looking forward to use the platform and share my experience through this article.
If you are building something for freelancer, I love to connect with you. I am looking for new tools and ways to supplement my income.
Frequently Asked Questions
What is ‘Job Mining’?
Whenever a task is completed and a job payment is made on LaborX, the platform converts the fee they charge freelancers into TIME.
Time is the native token of the Chrono.tech ecosystem. These TIME tokens are distributed between LaborX Freelancers, Customers, and other Chrono.tech stakeholders. LaborX call this process is called Job Mining.
What is ‘TimeWarp’?
TimeWarp is Chrono.tech’s TIME token staking program. A portion of the TIME tokens purchased through Job Mining are distributed to TimeWarp stakers. TimeWarp is also a means by which LaborX users can acquire Premium membership, which offers a series of benefits, including increased Job Mining payments for crypto jobs.
How did you come to *95,252 users?
I read 1 of their articles available on LaborX website. I added the number of service providers and clients and came up with *95,252 users. You can read the article here. https://laborx.com/blog/2022-highlights.
What is freelancing?
Freelancing is a type of work arrangement where individuals offer their services to clients on a project basis, rather than being employed by a single company. Freelancers typically have more flexibility in choosing their projects and setting their own schedules. You can learn more about being a freelancer through one of our courses on Continuum.
I have more questions
Feel free to send me a private message on Twitter.
Do you want to support me?
I am currently building a global vocational school for the next generations of digital workers and creating content on the side. I would be grateful for any support you can provide. (A tip via my link in bio)
If you are planning to travel soon, please consider booking your next trip with Trip.com using my link. You can also follow me on my Instagram for more travel related video content!
Lastly, if you’re keen to explore LaborX for yourself, you can register for a LaborX account via my link.
